Earnings Per Share

6 Months Ended

Sep. 27, 2014

Earnings Per Share Basic And Diluted [Abstract]

Earnings Per Share Text Block

Note 3 – Earnings Per Share

       Basic earnings per common share (“EPS”) amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding.

The following is a reconciliation of basic and diluted EPS for the respective periods:

		Quarter Ended				Six Months Ended
		Fiscal September				Fiscal September
			2014		2013		2014		2013
		(Dollars in thousands,
		except per share data)
Numerator for earnings per common share calculation:
Net Income		$	16,330	$	13,650	$	33,262	$	27,221
Preferred stock dividends			(99)		(83)		(198)		(167)
Income available to common stockholders		$	16,231	$	13,567	$	33,064	$	27,054
Denominator for earnings per common share calculation:
Weighted average common shares, basic			31,561		31,390		31,539		31,346
Effect of dilutive securities:
	Preferred stock		760		760		760		760
	Stock options		457		403		484		417
Weighted average common shares, diluted			32,778		32,553		32,783		32,523
Basic Earnings per common share:		$	.51	$	.43	$	1.05	$	.86
Diluted Earnings per common share:		$	.50	$	.42	$	1.01	$	.84

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 126,000 and 125,000stock options for the three and six months ended fiscal September 27, 2014, respectively,and 95,000 and 149,000 for the three and six months ended September 28, 2013, respectively. Such amounts were excluded as the exercise prices of these stock options were greater than the average market value of ourCommon Stock for those periods, resulting in an anti-dilutive effect on diluted EPS.